The German bank argues that the latest reorganisation plan for Excel, which is under Chapter 11 bankruptcy protection, threatens to limit the Athens-based shipowner’s guarantee on the debt.
However, DVB describes its objections as limited, saying some of the language appears to be inadvertent. Discussions with Gabriel Panayotides-led Excel are underway.
DVB holds a mortgage on the 180,000-dwt Christine(built 2010), which it alleged as early as March to have been in default.
Excel’s
